
A foreign currency dealer speaks on a telephone in a dealing room of Hana Bank in Seoul, South Korea. (Photographer: SeongJoon Cho/Bloomberg)
Live: Sensex, Nifty Advance; I.T. Index Up 4.5%
Buzzing Stock: Karur Vysya Bank
- Second best performer on the Nifty Smallcap Index
- Gains as much as 6.67% to Rs 36
- Trades at the highest level in over three months
- Up for the second straight day
- Has gained in four out of the five trading sessions this week
- Up 32% so far this week
- Best weekly return in over two months
- Set to post second successive weekly gain
- Today's volumes are 4.4 times higher than its 30-day average
- Trades in overbought territory with Relative Strength Index (RSI) at 77
- Has doubled from its 52-week low of Rs 18.75 on March 24, 2020
- 9 out of the 15 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 26.8%
Covid-19 Impact: IRCTC
- E-ticketing platform severely impacted due to suspension of train services. Bookings likely to drop in the coming quarters as well.
- Q1FY21 may be adverse for the catering business.
- Travel and tourism business will also be impacted, as has been in the rest of the world.
- Production in rail neer plants could not take place during the first 45 days of the lockdown.
- Plants are now running with reduced capacity due to lesser number of trains.
- Business situation may normalise in H2FY21
- Debt-free company and enough liquidity to finance arrangements.
Shares fell as much as 5.1% to Rs 1,340 and are the second worst performers on the Nifty Midcap Index.
Markets At Noon
- Benchmark indices hold on to gains
- Nifty up 0.62% at 10,355
- Sensex up 0.6% at 35,061
- Nifty Bank down 0.1% at 21,486
- Nifty Midcap and smallcap index up 0.7%
- India Volatility Index unchanged at 29.71
- Nifty I.T. index remains the top sectoral gainer; up 4.5%
- Nifty Metal index is the other sectoral gainer; up 1.25%
- Nifty FMCG index snaps six-day gaining streak; down 0.6%
- Infosys remains the top Nifty gainer; up 6.4%
- Kotak Mahindra Bank is the top Nifty loser; down 3.3%
- 1,178 stocks on the NSE trade with gains while 559 decline
Stock Reaction: PNC Infratech
The construction company won a Letter of Award from the NHAI for a 53.95 kilometer long four-laning of the Meerut-Nazibabad section.
The range falls under NH-119 and in the state of Uttar Pradesh, according to the company's exchange filing.
The order has been won on a Hybrid Annuity Mode under the Bharatmala Pariyojana for a bid project cost of Rs 1,412 crore.
Shares gained as much as 16.7% - its biggest ever single-day surge on record to Rs 155. The stock is now off the day's high, trading with gains of 8.7%.